Secondary Market

Debt instruments can be traded on secondary markets.

If the debt instrument can be traded on secondary markets, the D-ASA MUST be transferable and implement the OPTIONAL set_secondary_time_events.

The D-ASA MUST define secondary market time events as uint64[] array, where:

• The length of the array MUST be N>=1;

• The first element MUST be the secondary market opening date (uint64): the time at which the secondary market opens;

• If the secondary market has a closure date, the last element MUST be the secondary market closure date (uint64): the time at which the secondary market closes.

The secondary market time events MUST be sorted in strictly ascending order.

The secondary market opening date MUST NOT be earlier than the issuance date.

The secondary market closure date MUST NOT be later than the maturity date.

The secondary market time events SHOULD be defined as UNIX time, in seconds.

If secondary market time events are defined in UNIX time with non-continuous day-count conventions (ID<255), then time periods between subsequent events MUST be multiples of a day (in seconds).

The secondary market time events MUST be set using the set_secondary_time_events method.

The secondary market time events MAY be updated with the set_secondary_time_events method.

The updated secondary market time events MUST NOT modify past events.

The asset_transfer method MUST fail if the secondary market is closed.